World Bank invests €22 million to modernise the banking system in the DRC

Mar 21, 2014

The World Bank has allocated a grant of $30 million (€21.8 million) to the Democratic Republic of Congo (DRC) to modernise the banking system and improve the financing of micro remove space -enterprises.

The World Bank has allocated a grant of $30 million (€21.8 million) to the Democratic Republic of Congo (DRC) to modernise the banking system and improve the financing of micro-enterprises.

This initiative, which will support the Financial Infrastructure and Markets Project, increases the availability of long-term financing for entrepreneurs, especially in poor communities that do not have access to these funds, in particular women and
the
youth.

The fund also aims to create an electronic platform and offers tailored financing to entrepreneurs, through the development of microfinance and the banking sector, as well as the introduction of e-services and mobile banking.

The gift will also help build the capacity of several microfinance institutions and commercial banks wishing to offer lending services tailored to micro, small and medium-sized
enterprises (MSMEs) and entrepreneurs. It will also allow for the establishment of a credit facility for financing MSMEs
in
the medium and long term.

"Key to our mission in DRC is support for activities that boost the competitiveness of targeted highest-potential industries and the removal of key binding constraints to economic growth," said Steven R. Dimitriyev, World Bank Task Team Leader.

"Women in particular will have access to tailored financial literacy assistance," said Eustache Ouayoro, director of operations for the World Bank in DRC.

The microfinance sector is the fastest growing sector of the DRC economy, having grown from 100,000 clients in 2007 to over one million clients today, of which 38 percent are women, according to figures from the World Bank.ADNFCR-2976-ID-801705361-ADNFCR